Last night at the Mises Institute in Auburn, Alabama, author, investor and global traveller, Jim Rogers, was awarded the prestigious Schlarbaum Prize for the lifetime defense of liberty.
Rogers told attendees to the event that the United States has had two central banks prior to the Federal Reserve and that they both disappeared. He said he fully expected the same thing to happen to the Federal Reserve. He charged that Ben Bernanke as Fed chairman only knows how to print money, and that this money printing policy of the Fed will cause it to collapse from within.
Rogers also called for an audit of Fort Knox and raised questions as to the quantity and quality of the gold there.
He said that the Great Britain was the world power of the 19th century, the United States the power of the 20th century and that China will be the world power of 21st century.
Rogers, who now lives in Singapore, said that he is making sure that both his daughters learn Mandarin.
He said that he remains bullish on gold and silver (although he warned of short-term pullbacks from time to time) and was generally bullish on commodities, specifically mentioning rice and sugar. He also was bullish on farm land and said the new millionaires will be those who own farm land.
After the event, I caught up with Rogers and asked him about a new report by Roubini Global Economics that states the demographics in China were changing, that the country was getting older and that this will result in a slowing of the growth in China. He agreed China's population was getting older, but disputed that this would slow China down.
"Roubini has only been right once in his life," Rogers told me, "and that time he was right for the wrong reasons, so its probably a very bullish sign for China that he is bearish."